Buffett's skill and success with the stock market has reaped major benefits and earned him a nickname: "The Oracle of Omaha."

Unsurprisingly, many people want to be as rich as Buffett. In fact, most people would probably settle for a fraction of his net worth. Thankfully he's doled out some helpful advice over the years so others can follow his strategies.

Buffett and Berkshire Hathaway notably invest in stocks over bonds and prefer long-term strategies to constant day trading, but it is more than what and how Buffett invests that has made him successful.

Keep reading for nine of Buffett's best pieces of advice on getting rich.

Always learn new things and be humble.

AP Photo/Nati Harnik

Years ago, Buffett gave an entrepreneur some advice over drinks. He told her to learn something every day, confront opportunities, and always be humble. Though it's not outright investing advice, it's a strategy anyone in business would be smart to mimic.

Invest your own money.

Reuters/Rick Wilking

Pointing to the four times that the value of Berkshire Hathaway plummeted, Buffett explained the trouble of using loans to invest in stocks in his 2018 annual letter. A drop in the value of a stock may cause an investor unneeded worry and lead to poor decisions if the money isn't entirely theirs to begin with, he said.

On the flip side, Buffett said investors with extra cash and no debt have great opportunities when the market drops because they don't have to worry about paying someone back and can be aggressive with their investments.

Don't assume a higher cost equals superior service.

In his 2017 shareholders' letter, Buffett warned that sometimes wealthy people waste money by investing with high-cost investment consultants.

"In many aspects of life, indeed, wealth does command top-grade products or services," he wrote. "For that reason, the financial 'elites' ... have great trouble meekly signing up for a financial product or service that is available as well to people investing only a few thousand dollars."

"Both large and small investors should stick with low-cost index funds," he wrote in a 2016 letter.

Avoid herd mentality.

In 2004, Buffet said, "try to be fearful when others are greedy and greedy only when others are fearful." In other words: buy low, sell high. This advice from Buffett warns of the danger of following the crowd and giving way to herd mentality.

Buffett's longtime strategy is to sell stock when the value is high, rather than scrambling to sell when its low and everyone is fearful that it won't return to its high value.

Know when to cut your losses.

Knowing when to quit is an important trait Buffett learned as a teen trying to recoup his losses at a horse track. After losing once, a young Buffett tried to come out even by betting again, only to lose twice as much as his initial investment.

Sometimes, trying to get out of a hole will only get you into a deeper hole and Buffett suggests that you should often consider cutting your loses to prevent further trouble.

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